38 North Block The Railstore, Kidman Close, Gidea Park, Romford, Essex, RM2 6JN

Description

A vacant two bedroom duplex apartment located in the Railstore development close to Gidea Park railway station. Two bedroom split level duplex apartment benefitting from lounge, kitchen, ground floor cloakroom, two bedrooms and family bathroom. The apartment has an allocated parking space and there is further public parking on Kidman Close. It is considered that this property is perfect for commuters and families alike.

Accommodation

Hallway; Ground Floor Cloakroom; Lounge - 13'7 x 12'4; Kitchen - 14'3 x 5'7; First Floor Landing; Bedroom One - 12'4 x 11'10; Bedroom Two - 11'4 x 9'3; Bathroom/WC

Location

Located in the Railstore development close to Gidea Park railway station; further public parking on Kidman Close

Tenure / Property Information

Investment Analysis

Same-development sold evidence ranges from £260,000 to £360,000. A supported base GDV of £307,500 is used, with low and high scenarios of £260,000 and £360,000. The property’s exact condition and comparable specifications are not supplied.

Investment Snapshot

Strategy Recommendation

Investigate as a potential BTL or BRRR purchase, subject to inspection, lease/service-charge review, achieved-rent validation and full auction-cost confirmation. Do not bid on GDV alone.

Works Required

No specific defects or refurbishment requirements are evidenced. Allow for inspection-led works only; no quantified works allowance is supported.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £307,500 base GDV, a hypothetical 75% refinance is £230,625. Cash left in cannot be established because refurbishment, buyer fees and other acquisition costs are unavailable. The 101-year lease and recurring charges require lender and lease review.

Buy-to-Let Analysis

At the £210,000 guide, the advertised £1,500 pcm rent implies an 8.57% gross yield before service charge, ground rent, buildings insurance, finance, tax, voids and maintenance. The known annual property charges total £3,022. The rent is an asking rent, not achieved evidence.

Flip Analysis

The guide is below the supported same-development sales range, but a reliable flip surplus cannot be calculated because condition, works, buyer fees and selling costs are not supplied. The £360,000 high comparable should not be assumed achievable.

Investor Risks & Due Diligence

• Property condition and refurbishment requirements are not evidenced.

• Buyer premium, administration charges and other auction costs are unspecified.

• Service charge, ground rent and buildings insurance total £3,022 annually.

• The rental figure is an advertised asking rent rather than achieved rent.

• Comparable sale prices vary materially from £260,000 to £360,000.

• Leasehold title and remaining 101-year term require legal and lender review.

Recommendation

Investigate as a potential BTL or BRRR purchase, subject to inspection, lease/service-charge review, achieved-rent validation and full auction-cost confirmation. Do not bid on GDV alone.

Strategy Rating

Analysis Confidence

There is strong same-development sales evidence and one rental asking figure, but no condition report, exact comparable details, buyer fees, refurbishment costs or achieved rent.